全球云资本支出 2025 年预计同比增长 56%，2026 年有望实现 30% 以上增长-US Technology North America Global Cloud Capex Now Tracking to +56% Y Y in 2025, With Upside to 30%+ Growth in 2026

August 4, 2025 08:57 AM GMT US Technology | North America Global Cloud Capex Now Tracking to +56% Y/Y in 2025, With Upside to 30%+ Growth in 2026 Following 2Q earnings, 2025 Global Cloud Capex is now tracking to $445B and 56% Y/Y growth, 12 pts higher than 2 weeks ago. We also introduce preliminary 2026 Consensus Cloud Capex growth of 16% Y/Y ($ 518B), but see a clear upward bias with MSe aggregate 2026 Global Cloud Capex at +31% Y/Y. Key Takeaways Cloud capex now tracking to +56% Y/Y, or $445B of spend, in ...